Japanese dairy product manufacturer Snow Brand Milk Products has reported its fourth straight year of losses as sales continued to feel the impact of a series of scandals.
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The company posted a group net loss of ¥27.09bn (US$231.9m) for the year to 31 March, compared to a loss of ¥71.74bn in the previous year, helped by a one-time gain of ¥30bn from a debt waiver.
Snow Brand posted a net operating loss of ¥21.59bn, compared with a loss of ¥36.2bn a year earlier, and revenue of ¥727.07bn, compared to ¥1.165trn in the previous year.
The company is currently undergoing restructuring and expects to return to the black in the current financial year, targeting full-year net profit of ¥3bn. Snow Brand aims to achieve its targets by focusing on its dairy products business and further cutting costs.
The company is struggling to win back customers after its now-defunct subsidiary Snow Brand Food admitted to mislabelling beef products in order to claim government subsidiaries.
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By GlobalDataPrior to that, contaminated milk products shipped from Snow Brand’s Osaka factory were involved in a major food poisoning outbreak in Japan, reported Dow Jones International News.
